We must realize that the stock market and the casino go hand in hand, and this has been particularly true in the past two or three years. Wall Street has the function of financing public companies, and it is also a huge trading market. The stock market is a very magical place. Sometimes the stock market is an accurate measure of value. However, the stock market doesn& #39;t always work as well as it is described in textbooks. Sometimes, the stock market goes into full casino mode.

大家要知道，股市與賭場(chǎng)如影相隨，在過(guò)去這兩三年尤其如此。華爾街具有為上市公司融資的功能，它也是一個(gè)巨大的交易市場(chǎng)。股市是一個(gè)非常神奇的地方。有時(shí)候，股市對(duì)價(jià)值的衡量很準(zhǔn)確。然而，股市并不總是像教科書中描述的那么有效。有時(shí)候，股市會(huì)完全進(jìn)入賭場(chǎng)模式。

In the past two or three years, we can see that the stock market has turned into a casino. Behind this, it is Wall Street that is making waves, and the higher the stock market turnover, the more Wall Street makes. A Berkshire shareholder invested in Berkshire in 1965 and has held it until now, not moving a muscle. This shareholder could make a lot of money, but anyone who did what he did, the brokerage houses would starve.

在過(guò)去兩三年中，我們就可以看到，股市變成了一個(gè)賭場(chǎng)。在這背后，是華爾街在興風(fēng)作浪，股市成交量越大，華爾街賺得越多。一位伯克希爾的股東在1965年投資了伯克希爾，一直持有到現(xiàn)在，一動(dòng)不動(dòng)。這位股東能賺很多錢，但誰(shuí)都像他這樣，券商就餓死了。

If people don& #39;t trade, the brokerage firms don& #39;t make any money. Brokerage firms make little money on investors, and speculators are the main source of profit for brokerage firms. The better the speculators gamble, the happier the brokerage firms are, and it& #39;s only good if they trade 20 times a day, just like a gambler pushing the buttons on a slot machine over and over again. Not to say that Wall Street practitioners, have bad morals, but that& #39;s how Wall Street makes its money.

人們不交易，券商就賺不到錢。在投資者身上，券商賺不到什么錢，投機(jī)者是券商的主要利潤(rùn)來(lái)源。投機(jī)者越好賭，券商越高興，一天交易20次才好呢，就像賭客一次次按動(dòng)老虎機(jī)的按鈕一樣。倒不是說(shuō)華爾街的從業(yè)人員，道德有多惡劣，但華爾街就是這么賺錢的。